TPG, PAG, OTPP Complete $1.1B DTZ Acquisition

November 06, 2014

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A PE consortium of TPG Capital, PAG Asia Capital and Ontario Teachers' Pension Plan has closed the purchase of property services provider DTZ, a deal said to be valued at $1.1 billion. UBS and BofA Merrill Lynch are among many lenders providing financing for the deal. DTZ, which will continue to operate under its current brand and management, provides occupiers and investors with solutions involving leasing agency and brokerage, integrated property and facilities management, building consultancy and more. It has 24,200 employees operating across 209 offices in 52 countries, figures that will only grow following the announced add-on of commercial real estate services company Cassidy Turley (expected to close by year end).